Standard&Poor's Ratings Services assigned its 'AAA' standard long-term rating to Austin, Texas' series 2008 public improvement refunding bonds, series 2008 certificates of obligation, and series 2008 public property finance contractual obligations. At the same time, Standard&Poor's Ratings services affirmed its 'AAA' standard long-term rating on the city's outstanding GO debt. We upgraded the ratings to 'AAA' in January 2008 based on the likelihood that the city's employment base and fiscal policies should allow it to maintain its strong financial condition even during moderate economic fluctuations. Factors that support the 'AAA' ratings include the city's: Strong and diverse economic base, anchored by state government and higher education. The economic base has also deepened and diversified measurably since
